TUI AG Adjusts FY09 Financial Statement On TUI Travel Writedown
21 Oktober 2010 - 1:22PM
Dow Jones News
TUI AG (TUI1.XE), a holding company with assets in tourism and
shipping, said Thursday it needs to adjust its financial statement
for its short financial year 2009 after its U.K.-listed unit TUI
Travel PLC (TT.LN) said an accounting error forced it to write off
another GBP88 million in "irrecoverable balances" and restate its
earnings for fiscal 2009.
The Hanover, Germany-based company said it has to lower the
adjusted earnings before interest, taxes and amortization in its
TUI Travel segment by EUR45 million for fiscal 2009.
The short financial year 2009 of TUI AG ran from January to
September.
TUI AG noted however TUI Travel's restatement won't affect its
cash position or net debt and confirmed its adjusted ebitda for its
tourism segment for fiscal 2010. It added it still expect a
positive group result in the fiscal 2010.
TUI AG owns 52% of Europe's largest travel operator TUI
Travel.
-By Hilde Messer, Dow Jones Newswires; +49 69 29725 506;
hilde.messer@dowjones.com
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